Central Bank registration for AML/CFT
Registration with the Central Bank for AML/CFT purposes and on-going AML/CFT obligations
VASPs will also be subject to the following requirements:
Registration with the Central Bank for AML/CFT purposes
All VASPs established in Ireland are required to register with the Central Bank for AML/CFT purposes only.
Firms not established in Ireland and/or not carrying on business as a VASP immediately prior to the 2021 Act coming into force must be registered with the Central Bank prior to the commencement of any services relating to virtual assets from Ireland.
VASPs established in Ireland and carrying on business as a VASP immediately prior to the 2021 Act coming into force, have 3 months to apply to the Central Bank for registration.
If a firm that is currently authorised by the Central Bank for prudential and/or conduct of business services is or plans to also carry on business as a VASP, this firm is obliged to register with the Central Bank as a VASP.
In order for the Central Bank to approve a VASP’s an application for AML/CFT registration, the Central Bank must be satisfied that:
- the firm’s AML/CFT policies and procedures are effective in combatting the money laundering and terrorist financing (ML/TF)
- risks associated with its business model; and
- the firm’s management and beneficial owners are fit and proper.
Please note that it is a criminal offence to carry on the business of a VASP in the absence of registration.
On-going AML/CFT obligations
VASPs will be “designated persons” for the purposes of the CJA 2010 to 2021 and are required to comply with the AML/CFT obligations contained under Part 4 of the CJA 2010 to 2021 which include:
- carrying out an ML/TF risk assessment of their business;
- undertaking customer due diligence (CDD) of their customers;
- carrying out ongoing monitoring of customers and customer transactions;
- filing Suspicious Transaction Reports (STRs) with Financial Intelligence Unit (FIU) Ireland and the Revenue Commissioner in instances where money laundering or terrorist financing is known or suspected;
- maintaining and implementing AML/CFT policies, procedures and controls;
- retaining appropriate records; and
- providing AML/CFT training to all staff on an ongoing basis.
Considering setting up your crypto-trade company in Ireland?
You will find all related and relevant information in our website. However, should you have any question or matter you would like to discuss with us, before you take a decision to register your business company in Ireland, do contact us.
One of our Business Development Managers will be here ready to guide and assist you.